by The automotive tire pressure monitoring system (TPMS) helps in monitoring the inflation pressure in vehicle tires. It alerts the driver when tire pressure falls below a preset level through a low pressure warning signal. TPMS aids in improving vehicle safety and fuel efficiency.
The global Automotive Tire Pressure Monitoring System Market is estimated to be valued at US$ 7.17 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing adoption of TPMS in emerging economies is propelling the automotive tire pressure monitoring system market forward. Countries like India, Brazil, and China are witnessing higher vehicle production which is increasing the demand for TPMS. As emerging countries work towards improving road safety regulations and compliance standards, the installation of TPMS is expected to become mandatory. Higher production of vehicles along with evolving regulatoryscenario in developing nations will significantly contribute to the growth of automotive tire pressure monitoring system market during the forecast period.
SWOT Analysis
Strength: Tire pressure monitoring systems improve safety by alerting drivers of low pressure tires which can help prevent accidents. It also helps in fuel efficiency as low pressure tires increase rolling resistance of vehicles.
Weakness: These systems add to the overall cost of a vehicle and require maintenance or battery replacement over time. False alerts can irritate drivers in some cases.
Opportunity: Growing automotive industry and production of vehicles will demand more TPMS to be installed in new models. Regulation mandating TPMS in certain countries alsoopens up market opportunity.
Threats: Technological developments may make some TPMS obsolete quickly. Economic slowdowns can impact new vehicle sales and affect demand growth for these systems.
Key Takeaways
The global automotive tire pressure monitoring system market demand is expected to witness high growth. The global Automotive Tire Pressure Monitoring System Market is estimated to be valued at US$ 7.17 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030.
North America currently dominates the market due to stringent regulations mandating TPMS in vehicles. The region holds around 30% of the total market share.
Key players operating in the automotive tire pressure monitoring system market are Archer Daniels Midland Company, Cargill, Incorporated, E. I. du Pont de Nemours and Company, Ingredion Incorporated Koninklijke DSM N.V., Tate & Lyle plc FMC Corporation, and Omega Protein Corporation. Mandatory installation of TPMS in vehicles across regions will help these players established strong distribution networks and après-sales services
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
